The fifth annual meeting of the European Research Workshop in International Trade (ERWIT), jointly organized by CEPR and the European Centre for Advanced Research in Economics (ECARE), Université Libre de Bruxelles, took place in Brussels on 19/20 December 1992. The workshop was organized by Richard Baldwin (Graduate Institute of International Studies, Geneva, and CEPR) and Damien Neven (Université de Liège, INSEAD and CEPR). Financial support was provided by the Commission of the European Communities under its SPES programme. The following papers were presented:

`Learning by Doing in International Subsidy Games', Dermot Leahy (University College Dublin)

`Merger Policy in Open Economies', Pedro Pita Barros and Luís Cabral (Universidade Nova de Lisboa)

`The Costs of Non-UK Accession to the EEC: Forecasting the Past', Michael Gasiorek (University of Sussex), Alasdair Smith (University of Sussex and CEPR) and Anthony Venables (LSE and CEPR)

`Exchange Rate Pass-Through Under Capacity Constraints in Belgian Manufacturing', Jacques Bughin (Université Catholique de Louvain) and Philippe Monfort (Université Faculté Saint-Louis, Bruxelles)

`The Optimal Phasing of Trade Liberalisation and the Adjustment of Labour Market', Thierry Paul (University of Southampton)

`Strategic Trade Policy Under Asymmetric Information', Giovanni Maggi (Stanford University)